RR Kabel's shares rises 4% as its Q2 net profit doubles

 RR Kabel's shares rises 4% as its Q2 net profit doubles

After going public on September 20, the stock has increased by 21.77 percent since then.

Following the company's Q2 FY24 net profit more than doubling to Rs 74.09 crore in the quarter ended in September, RR Kabel's shares increased by more than 4% on November 7. The lines and cables firm made Rs 35 crore in profit the previous year. The stock was trading at Rs 1,458.9 at 12:48 p.m.

Revenue for the company's second quarter rose 17.7% year over year to Rs 1609.7 crore. EBITDA climbed by 92.7 percent to Rs 121.1 crore in the quarter, while EBITDA margin grew by 293 basis points to 7.5 percent.

Ninety percent of the company's income is generated by the wires and cables business, which saw a rise in sales from Rs 1218.45 crore to Rs 1450.38 crore in the previous year.

Wires, cables, and fast-moving electrical goods (FMEG) services are offered by RR Kabel. In terms of value, the company's market share in FY23 is around 7%. Five production facilities are located inside the company: a commercial lighting factory in Bengaluru; cable and wire units in Waghodia, Gujarat; FMEG operations in Roorkee, Uttarakhand; and Gagret, Himachal Pradesh.

Following its initial public offering (IPO), the RR Kabel shares was listed on the markets on September 20 for Rs 1,180, which was 14% more than the issue price of Rs 1035. The stock of RR Kabel has increased by 21.77 percent since it was listed.